To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 percent in Illinois.
According to the U.S. Bureau of Labor Statistics' Consumer Price Index, the U.S. dollar has experienced an average inflation rate of 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Winfield home prices have performed since 2008.
Winfield historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
78
$284,000
$332,280
-
2009
62
$276,120
$323,060.40
-2.8%
2010
52
$252,000
$287,280
-11.1%
2011
59
$229,000
$258,770
-9.9%
2012
82
$233,500
$254,515
-1.6%
2013
95
$244,500
$264,060
3.8%
2014
105
$260,000
$275,600
4.4%
2015
87
$251,500
$266,590
-3.3%
2016
112
$275,000
$288,750
8.3%
2017
135
$281,000
$286,620
-0.7%
2018
88
$279,000
$279,000
-2.7%
Total change in price
-16%
Where sale prices were unavailable, the home's assessed value was substituted.
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